Air Brake System Market Size, Forecast 2022-2027 | Industry Growth, Trends, Share and Report

IMARC Group has recently released a new research study titled "Air Brake System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the air brake system market industry?

The global residential air purifiers market size reached US$ 6.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.88 Billion by 2027, exhibiting a growth rate (CAGR) of 7.50% during 2022-2027.

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What is a Air Brake System Market?

An air brake system refers to a friction brake relying on compressed air pressing to stop a vehicle. It includes several components, including brake chambers, foot valves, slack adjusters, brake shoes, drums, air reservoirs, dryers, compressors, etc.

An air brake system is strong and reliable, provides optimal control, reduces stopping distance, prevents extensive wear and tear of parts, and provides heavy braking effects. Consequently, it is utilized in railroad trains and heavy commercial vehicles, such as trucks and buses.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What are the major market drivers in the air brake system market?

The widespread product adoption, owing to its reliability and efficiency, is primarily augmenting the air brake system market. Furthermore, the increasing demand for these systems, on account of growing vehicle safety concerns across the globe, is acting as another significant growth-inducing factor.

Moreover, the introduction of lightweight air brake systems for trailer and line haul applications that utilize fewer parts and offer more ground clearance, protection from road debris, and higher efficiency is also bolstering the market growth. Besides this, manufacturers are developing new and advanced variants that are efficient in the railways and high-speed trains while assuring safety and maintaining control over the vehicle, which is further catalyzing the global market.

Apart from this, the launch of numerous favorable government initiatives to promote the usage of brake systems in heavy vehicles and the increasing production and development of high-speed trains are expected to positively influence the air brake system market in the coming years.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Component:
• Compressor
• Governor
• Tank
• Air Dryer
• Foot Valve
• Brake Chamber
• Slack Adjuster
• Others

Breakup by Type:
• Air Disc Brake
• Air Drum Brake

Breakup by Vehicle Type:
• Rigid Body
• Heavy-Duty Truck
• Semi-Trailer
• Bus

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The major players in the market are
• Brakes India Private Limited
• Haldex Inc.
• Knorr-Bremse AG
• Meritor Inc. (Cummins Inc.)
• SORL Auto Parts Inc.
• TSE Brakes Inc.
• UNO Minda Limited
• Wabtec Corporation
• Yumak Air Brake Systems
• ZF Friedrichshafen AG.

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This release was published on openPR.